Tax experts speak out
Popular opinion says that property investors rake in untaxed profits to the detriment of first home buyers.
Monday, July 13th 2015, 12:00AM
by The Landlord
But, as most property investors know, that is not really the case.
The so-called Auckland property crisis has given rise to inaccurate and uninformed comment which has blighted the public's perception of property investment, tax expert Mark Withers said.
Tired of hearing the same old line that somehow property has special tax advantages over everything else, Withers and some of his fellow experts have spoken out to NZ Property Investor magazine.
Together they dispel the tax myths surrounding property investment, covering such things as depreciation rules and the soon-to-be introduced "bright line" test in the process.
Withers believes the amount of undeclared taxable income from those buying and selling shares with an intention to sell them for profit would dwarf that in the property sector - and yet they get no focus whatsoever.
"The whipping boy is always property yet there isn't anything providing property an advantage."
To find out more about the true picture surrounding property investment and taxation, click here to get the digital issue of NZ Property Investor magazine.
Subscribe to NZ Property Investor magazine here to get great stories like this delivered to your mailbox every month.
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